Atria sells its Russian subsidiary – The company’s impact on net sales is approximately EUR 35 million

The company says that it has explored various opportunities for developing Atria Russia’s business.

As a result of the study Atria has today entered into an agreement to sell its Russian subsidiary OOO Pit-Product to the Limited Liability Company Agricultural Complex Mikhailovsky, part of the Cherkizovo Group.

The impact of the loss-making business on Atria Group’s net sales is approximately EUR 35 million. Atria has owned OOO Pit-Product since 2005.

The release does not state the selling price.

The transaction is expected to close during the first half of 2021. The transaction is subject to the approval of the Russian Competition Authority.

According to the company, translation differences accumulated from exchange rate changes will reduce the Group’s equity, so the entry will not have an effect on the Group’s equity or cash flow. Translation differences are recorded only after the final completion of the transaction.

According to the release, the final purchase price will be determined at the time of the transaction. The divestment is not expected to have any other significant effect on the consolidated result.

Source: Arvopaperi by

*The article has been translated based on the content of Arvopaperi by If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!